I know we are a year or so away from the stopping of mining, but when mining does stop, and the UBI coin generation is no longer coming from that source to pay the artists for their PPPs, what will be the source of the UBI coins to pay the PPPs? If the coin supply becomes fixed (no more growth), that would mean that there would have to be some way that coins are sent to Musicoin Org in quantities enough to continue UBI. Or am I missing something with the Proof of Sharism that will take over for the mining Proof of Work?
Actually the Proof of Sharism is an “under construction” regime, with quite a bunch of proposals already expressed (you may cast a glance here, for example: https://forum.musicoin.org/topic/8235/rewarding-curation-on-the-musicoin-platform-embodying-sharism), and for being a collectively-rooted project, it progresses slower than in blockchain-based “one-person-in-charge” processes, haha.
The best would be for you to take part, and redact any idea you consider could enrich the current “Proof of Sharism Ideas Laboratory”.
Regarding the fixed coin supply:
let’s remember that fixed monetary mass will be coupled with a (quite substantial) increase in its value, and that each $MUSIC has been designed to be divided in the equivalent of how the satoshis relate to 1 Bitcoin (in the future we could come to possess and use fractions of 1 $MUSIC that would be as small as 0.00000001 $MUSIC );
we’re to share these weeks, between the monetary policy Team promoters, views and designs on the future of the Musicoin PoW, so it’s probable there’ll be decisions in a near future
@Ijatz-Guatemala I like the proposals from that post. I’ve been thinking for a while that once iceage kicks in, musicoin should develop a rewards system like steem. Depending on the Steem power you have, that’s the influence you have in the platform and also the percentage your voting power represents in the reward pool. This obviously has too many flaws to adopt it just like that, there’s some modifications to be made.
Mainly, its flawed in the sense that it feeds whales. Once you have an incredible amount of steem power, (or what we would call music power xD ) people tend to misuse their privilege by upvoting (what would be for us ppp) their own posts (songs for us) or only friends posts. This also means that not only they are giving themselves exposure, but also taking a big slice of the cake of rewards.
Now, there’s also flaws in the current system here in musicoin in my opinion. You can play your own songs or tip only certain friends to increase exposure for the daily weekly and monthly most tipped or most played. Verifying profiles of course removes the possibility of using bots to increase ppp or tips, but still there’s ways people can still do that also because the platform is relatively small so your actions have a bigger impact than if there would be a bigger user base already using the platform.
But steem power is such a nice idea that could be implemented in musicoin. Depending of the influence of the band or musician, or any other interest party (I expect musicoin to be an ecosystem for everyone involved in the music industry. For example, the smart contracts can be settled for the musician, producer, content creators and everyone involved in the process of making and distributing music.) Shit I extended too long in the parenthesis haha but so depending of the influence of the artist, that could be what guarantees you a certain reward from a pool. Lets say the amount of music power you have is related to your $MUSIC, because it translates into the hard working progress you’ve made in the platform, every $MUSIC you have is because of ppp or someone tipping. An algorithm should also distinguish between music power ($MUSIC) that was bought from exchanges, and music power that was obtained through PPP and tipping.
The reward from the reward pool, destined to the musicians would be based in their music power, and also activity on the platform. How much they engage in their profile, if they are posting new releases and so on, in a way to still support them in creating music. Also this influence can help small artists gain exposure. How if the more influence or power you have the more exposure. Well, you can apply it inversely. Those who have less than certain influence (less than certain number of plays or tips) would gain exposure in the recommended artists of the day, week or month, to also encourage curators (@Ijatz-Guatemala just as in your idea of curating songs) to curate new and emerging artists to expose them and so they can start growing their influence easier.
This reward pool would depend on how will coins be distributed under the UBI after the ice age. so my question is… is musicoin, having like a savings address to accumulate $MUSIC to distribute in the future? or will musicoin migrate to a PoS (technically speaking if the blockchain will emit new coins in a proof of stake algo) or will it be a proof of stake like nxt or waves where you mint the coins instead of generating new ones, or anything else but the first idea of $MUSIC being accumulated in an account, could make sense if the price increases in a way that tipping 1 $MUSIC would be way more than one cent. in that moment in time as @Ijatz-Guatemala said, we could be using fractions of $music for ppp and tipping.
@ijatz-guatemala Good point about the fractional potential of $MUSIC, and it further makes important the need to increase the value per $MUSIC so that the UBI supply at Musicoin.org doesn’t risk running dry. We must create more and more reasons to buy $MUSIC and put buying pressure at the exchange.
Thanks for your ideas. I read and replied to your track curation idea at the URL you posted - what a great feature suggestion!
Thanks for all your proposition. I think the major goal of Musicoin is to let the music grow. To let the music increase artistic value. If you drive your tought in this direction everything is more clear.
To put Music at the center of our decisions. How we can help musicians to maximize this value? How can Musicoin encourage the best music quality comming out?
Blockchain need contents! Musicoin have contents, how we cac improove. And how we can do this faster as possible?